U.S. MINT SILVER EAGLES SOLD OUT: Reported 2 Million Sold In 2 Hours

Silver Eagles US Mint San Fran

The U.S. Mint announced to its Authorized Dealers that its was sold out of its Silver Eagle inventories after the price of silver fell to $15 today.  According to the Breaking News Update at SilverDoctors website, over 2 million Silver Eagles were sold in less than two hours.  Which means the U.S Mint will have to limit sales to their Authorized Dealers when supplies are available.

Two million Silver Eagles is a great deal of silver to be sold in one day (actually in less than two hours as reported by SilverDoctors).  Total global silver mine supply was 820 million ounces in 2013.  This amounts to roughly 2.2 million oz per day of global mine supply.

Thus, investors bought 90% of the daily global mine supply in Silver Eagles today.  And, this doesn’t even include all the other Official Coins such as Silver Maples, Philharmonics, Pandas and etc.  I would imagine at least 2.5 million oz of Official Silver Coins were sold just today… and that could be conservative.

You know this is big news when the MSM- Main Stream Media actually cover it:

Reuters:  U.S. Mint temporarily sold out of Silver Eagles amid huge demand

Nov 5 (Reuters) – The U.S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following “tremendous” demand in the past several weeks.

In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.

The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.


There are still those out there who don’t believe the paper price of silver is manipulated.  Let’s take a look at the following chart which compares the ONE YEAR price movement in silver vs the base metals:

Silver & Base Metal Prices

While Silver is down 30% in one year, the base metals have suffered much less.  Copper is down the most at a whopping 8%, while lead is off 5% and zinc up a staggering 22%.  How can this be?  How can silver be down more than 3 times copper in percentage terms if this is a the typical COMMODITY DRIVEN DEFLATION???

According to the Silver Institute (provided by data from Thomson Reuters GFMS), there was a 103 million oz physical silver deficit in 2013.  This was mostly due to the record 245 million oz physical silver coin and bar demand.

Well, at this ridiculously low paper price of silver at $15, I would imagine Official Coin sales will be at a new record high in 2014.  If physical silver bar demand remains strong, the world could suffer another large silver deficit in 2014.

As the Banking Cartel continues to rig the PAPER MARKETS higher, while smashing the price of gold and silver… at some point, physical demand will destroy this highly-leveraged paper system.

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28 Comments on "U.S. MINT SILVER EAGLES SOLD OUT: Reported 2 Million Sold In 2 Hours"

  1. Steve, I think we are actually starting to see the disconnect between the paper spot price and the physical market. Case in point:

    One of the largest primary dealers have issued the following information; “Premiums for any previously placed purchases for silver eagles are no longer valid.” Unprecedented. Also, information from the German precious metals dealers, report a huge run on silver and gold coins.

    Get ready for much, much higher premiums over the paper spot price.

    • The primary dealer eluded to above is A-Mark.

      “If you previously received fixed premium pricing from us, it is no longer valid.”

      So why have a “fixed premium pricing” policy? When you can violate your own policy? Me thinks they are afraid of losing their shirts on “expensive” silver that they bought at much higher prices. Either that or wanting to take advantage of the very tight supply and price gouge.

      • I agree – today’s online systems are so sophisticated that it will be difficult for a retailer to sell products that they don’t have, that the have not marked up appropriately based on actual costs.

  2. A dealer that does not honor prior price commitments simply won’t stay in this business. Physical bullion purchasers inherently refuse to accept any counterparty risk. Can someone verify that A-Mark was actually breaking a prior promise? Or were they simply raising premiums on new orders?

    • Well the primaries that buy from the mint…their customers are the dealers, not the public, right?

      The dealers only have a few primary dealers to buy from. Depending on the size of the dealer they may buy from as few as one or two primary dealers the mint sells bullion coins to.

      The dealers who sell to the public will pass on the higher premiums when they sell to the retail buying public I’d guess

    • lastmanstanding | November 6, 2014 at 6:34 am | Reply

      It’s even more simple than that…”take it or leave it”

      They don’t give a damn.

  3. Hi Steve,

    I just heard on a french radio broadcast that they have found a way for fracking oil technology without using so much water. How you heard that and what’s your opinion on this issue ?

    Thank you.

  4. Don’t shoot the middleman, we may yet need him.

  5. Can’t wait till the Cartel rigging paper get their due. They’ve had everything their way for too long,and it’s a lie. The paper they hold will be worth well paper,while the bullion stackers hold will be worth,it’s hard to fathom what it will be worth but far more than ever before seen.

  6. http://www.goldseiten.de/artikel/224345–Panik-an-den-Edelmetallmaerkten-Was-nun.html

    In a lot of cases double lows leads to significant ralleys in the silver chart.
    When you look to the Chart at the upper link you can see the numbers 1 and 2.

    So for you I will pronounce the bottom is reached and we will see better times.


    Best regards freakel

  7. Silver RSI oversold again. Feeling like we will get a big bounce in the next few days.

  8. I agree with gig. Dont slam the dealers,they arent to blame in a multi-corrupted world of
    nazis and pilgrims.They cant risk their business in this scenario.Patience is key as it ever was.

    • It is my opinion the dealer-middleman are the ones who will finally turn the market because “the market” in the end, is made up of many things such as cost of production and value-added costs like transportation and the supply channel.

      When someone decides to take delivery on $10 comex silver and the other side realizes they must pay $20 for the physical, the truth will free the market.

      At least that’s the way it’s worked for yrs in the cattle business. One difference being persible vs non-persible which speaks to the time frame of correction.

      • I do not believe it can happen as miners will sell to comex prices period.

        If they is nothing available for retail investors, just move on…

        • If miners can obtain the physical product to fill contracted orders from the Comex at a much lower cost than their cost of production, what does one feel they will do?


  10. From Ed Steer’s column today:

    It was another big sales day over at the U.S. Mint. They sold 12,000 troy ounces of gold eagles—2,000 one-ounce 24K gold buffaloes—and another 635, 000 silver eagles.

    In the last four business days, the U.S Mint has sold 2,685,000 silver eagles, about twenty times their daily production rate—and I know for a fact that little of this was sales involving the demand from the general public. This was Ted Butler’s ‘Mr. Big’ at the trough.

    Our store, along with every other bullion dealer in North America, got an e-mail from A-Mark Precious Metals, Inc. yesterday morning advising us that the U.S. Mint was sold out of silver eagles for the moment—and that should come as no surprise to anyone if you’ve been reading this column for any length of time—and I have three stories about this in the Critical Reads section further down.

    Bullion sales have certainly picked up at our store in the last five or six business days, but we’re not exactly being run off our feet, either—and that’s what I’m hearing from other retail bullion dealers we’re talking to, which includes our wholesale supplier. By the way, silver maple leafs from the Royal Canadian Mint have been rationed since sometime in September, but I can tell you that the rationing has nothing to do with retail demand here in Canada, which has been pretty horrid.

    It was another huge day in gold over at the Comex-approved depositories on Tuesday—and the silver activity wasn’t far behind, either. In gold, 90,908 troy ounces were reported received—and 135,726 troy ounces were shipped out. In the last six weeks or so, the in/out activity in gold has picked up substantially—and the link to Tuesday’s activity is here.

    In silver, there was 1,409,598 troy ounces reported received—and 100,080 ounces were shipped out the door for parts unknown. The link to that action is here.

  11. Bought 125 Eagles last week and opted for 100 Indian Head today as I really don’t understand the implications of the mints allocation process. What I continue to wonder is how much of the non Eagle silver is being sold. My own purchases are split pretty evenly between Eagles, Maples, and Other. I typically by Sunshine, but have also bought Apmex, and NWTM, in addition to 5- 100 oz. bars. My guess is the non gubmints are pretty significant too. Any guesses on how much they are chewing up too?

    « Large Comex Gold Withdrawal As Paper

  12. What is the leverage in the metals market? In the paper market? 100 x?

    100 x paper ‘trading’ versus physical. But that paper trading is done ‘after hours’ in thin markets. So what’s the leverage then? Doesn’t after hour thin market BIS dumps push up leverage to 150 x?

    Another thing; when markets break, you know, stocks propped up by cb’s and sovereign pension funds that are being forced to ‘deliver’, when the system throws up, would you be able to SELL, convert to fiat, convert to hard assets, 2 quadrillion dollars, euro’s, yens, yuans; currencies and iou’s….

    All together now: 100 years of leverage into hard assets, all at once. Good luck with that.

    I got in greedy, growing up as the years went by. My insurance is patient, generational if needed.

    Getting in is not the issue. Getting out of paper in time will be the massacre for the masses.

  13. The buy/sell price spread at apmex has widened considerably on silver products. On eagles it has gone more than 10%. This does not smell right. If retail demand is off the charts I would have expected spreads to narrow. You typically see high spreads on less liquid items. It seems they have raised premiums considerably on coins they sell but they have no interest in paying more than usual for those same coins. For example, they cannot get silver eagles from the mint but the price they pay over spot has not moved up with the price they sell for over spot. If eagles are in short supply you sure wouldn’t know it by looking at the premiums they are willing to pay!

    Can anyone with knowledge of this business comment?

  14. I just looked back to 2008 and every single year the mint had suspended sales due to a shortage of silver blanks. I don’t think that this anything to do with the overall tightness of the market but rather the fact that they had not anticipated the sudden surge in demand and just ran out of blanks.
    Yes, these are attractive prices and a lot of stackers are taking advantage but this “we’re running out of silver” hype is just enticing people to buy for the wrong reasons.

    • Buy for the right reason…the price is lower than the cost of mining. Gold is gold, but has few industrial uses. Civilization as we know it ceases to exist without silver.

      • Western “Civilization as we know it” now resembles Sodom and Gomorrah. It is a moral Ponzi, complementing the political and economic Ponzis. All 3 are unsustainable, and will soon collapse. Stop thinking of silver in terms of “dollars”. Think of it as actual, hard currency of the near future. What it will buy remains to be seen…and people w/o it will kill for it. So you better have some lead too

  15. If the US Mint sold 2 million eagles on Wednesday why is it not showing in their sales figures? It is now Saturday?

  16. “I’ve been writing for quite some time that I sensed the presence of a big buyer in Silver Eagles and that the strong sales over the past few months and past few years have come when retail demand has been lacking. By process of elimination, the strong demand, if it wasn’t coming from the retail public, had to come from a more concentrated source. Further, I speculated that JPMorgan was the Mr. Big behind the extraordinary buying of Silver Eagles. I even alleged that JPMorgan, since it knew silver prices were about to collapse in mid-summer (because it would cause prices to collapse), suddenly stopped buying Silver Eagles for three months, which created an inventory of unsold coins at the Mint.

    In the October 4 Weekly Review, I laid out the case for why I thought there was a Mr. Big buying Silver Eagles and why I speculated it was JPMorgan. In the next weekly review (Oct 11) I had calculated that there may have been 4 to 5 million Silver Eagles in the U.S. Mint’s inventories and that JPM had purchased 3 million (after it resumed purchases), leaving only 1 to 2 million coins in inventory. The Mint’s announcement dovetails perfectly on an amount and timeline measure to my comments. The Mint’s announcement proves there was a fairly sizable inventory which didn’t exist prior to JPMorgan’s stepping away in summer; and when the sales resumed they resumed stronger than ever and again with no obvious retail demand. I wrote that JPM played the Mint (and U.S. taxpayers) like a fiddle in letting the Mint build up inventory that Mr. Big would soon take off THE Mint’s hands, but only at much lower (and manipulated) prices. Hey , we’re talking about JPMorgan and that’s the way these boyz roll”. – Silver analyst Ted Butler: 08 November 2014

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